October 17, 2024 | 12:00am
MANILA, Philippines — Investment approvals of the Board of Investments (BOI) are likely to exceed P1.6 trillion this year given renewable energy (RE) and infrastructure projects in the pipeline.
“We’re confident that we will breach P1.6 trillion,” Trade Undersecretary and BOI managing head Ceferino Rodolfo told reporters yesterday on the sidelines of the 2024 Investment Policy Forum, when asked for an outlook on investment approvals.
Initially, the BOI was aiming to approve P1.25 trillion to P1.5 trillion worth of investment pledges this year.
Last August, the upper limit of the target was adjusted to P1.6 trillion.
Rodolfo said there are many projects particularly in the RE sector that are seeking approval from the BOI.
“If you look at the pipeline for green lane [endorsement], you will see there are many projects,” he said.
As of last month, there are 128 RE projects with investments amounting to P3.91 trillion in the pipeline for green lane services.
Projects approved for green lane processing can enjoy faster processing of permits.
Under Executive Order 18 issued by the Office of the President in February last year, green lanes were created to expedite the processing of permits and licenses for strategic investments in the country.
Aside from RE projects, Rodolfo said there is a big ticket infrastructure project that has applied for registration with the BOI.
For the period of January until mid-September, investments approved by the BOI hit an all-time high of P1.35 trillion.
Of the approved investments during the period, the energy sector, mainly RE projects, had the biggest share amounting to P1.29 trillion.
Last year, the BOI approved P1.26 trillion worth of investments.
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